The G20 countries are actively discussing a global framework for crypto assets under India’s presidency, Finance Minister Nirmala Sitharaman has revealed. “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets,” she emphasized.
India Says ‘Active Discussions’ on Crypto Are Happening
Indian Finance Minister Nirmala Sitharaman provided an update on the discussions regarding global cryptocurrency regulations under India’s G20 presidency on Tuesday at this year’s Global Fintech Fest in Mumbai.
Regarding crypto discussions at the G20, the Indian finance minister emphasized: “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.” She affirmed:
Active discussions are happening.
Sitharaman proceeded to reference various in-depth papers relating to the regulation of crypto assets that have been presented at G20 meetings from global organizations such as the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Organisation for Economic Co-operation and Development (OECD). She specifically mentioned that the IMF and the FSB have submitted their synthesis paper on crypto assets.
She also noted that crypto is both “a threat as well as an opportunity,” emphasizing: “As much as you build firewalls, there are more and more newer ways in which attacks are being made.”
India has been deliberating on the regulation of crypto assets for several years. In 2019, a draft crypto bill was submitted to the Ministry of Finance but it was never taken up in parliament. Subsequently, the Indian government indicated that more work is needed on the bill and underscored the need for global coordination in overseeing the cryptocurrency sector.
India’s Prime Minister Narendra Modi said last month that crypto needs “a global framework and regulations.” He stressed: “The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.”
Last month, India also put forward proposals for a roadmap to introducing a global regulatory framework for crypto assets. Sitharaman previously said that India seeks a common framework for crypto for all countries.
What do you think about Indian Finance Minister Nirmala Sitharaman stating that active discussions are taking place within the G20 regarding crypto? Let us know in the comments section below.